Consumers with problem credit thinking of applying for an auto loan need to first check their credit reports to be sure they meet the minimum in-bureau requirements of the majority of subprime lenders.
It’s especially important that consumers with poor credit understand the impact that traveling from dealer to dealer or submitting multiple online car loan applications and the credit inquiries that follow might have on their credit scores.
Most car buyers with poor credit probably know that not paying their bills on time – or even at all – can both lower their FICO scores as well as either prevent them from getting an auto loan – either that or cause them to pay a higher interest rate from a subprime lender.
At Auto Credit Express, where we primarily deal with car loans, applicants with bad credit sometimes ask us, “What credit score do you need to lease a car?”
But the fact remains that credit-challenged consumers should also know what items are not considered, at least by FICO, when a credit score is computed.
But it’s also true that consumers with bad credit who want to know the best way to buy a car with poor credit should also know which facts are not considered, at least by FICO, when a credit score is computed.